Bill S-11: An Act to amend the Canada Business Corporations Act (CBCA) and the Canada Cooperatives Act (CCA) (Parliament of Canada Web Site)
On November 24, 2001, Bill S-11 (Parliament of Canada Web Site) which amends the Canada Business Corporations Act (CBCA) (Department of Justice) and the Canada Cooperatives Act (CCA) (Department of Justice), came into force. New regulations under the CBCA and the CCA also came into effect on this date.
The amendments in Bill S-11 improve the legal framework for CBCA corporations, foster enhanced shareholder input in decision making and provide corporations with greater flexibility in pursuing marketplace opportunities.
Specifically, the amendments :
- expand shareholder rights – by giving shareholders improved means to communicate, make proposals and participate in decision making;
- enhance global competitiveness – by allowing stronger international representation on the boards of CBCA corporations and supporting risk taking;
- clarify responsibility – by addressing the liabilities of directors, officers, shareholders and other parties, notably in regard to the provision of financial information; and
- eliminate duplication and reduce costs – by modernizing the Act and harmonizing with provincial laws.
Bill S-11 also amended the Canada Cooperatives Act in order to harmonize its provisions for corporate governance with the CBCA amendments.
- Background information
- New Regulations Relating to Bill S-11
- Legislative Summary (Parliament of Canada Web Site)